Florida Eliminates Sales Tax on Gold, Silver, and Platinum Bullion

On June 30th, Florida enacted House Bill 7031, removing sales taxes on gold, silver, and platinum bullion. Effective August 1st, 2025, this legislation marks a pivotal step toward restoring sound money.

What is HB 7031?

House Bill 7031 is a comprehensive tax reform package signed into law by Governor Ron DeSantis. This bill removes the sales tax on purchases of precious metals, regardless of the transaction amount. Previously, only bullion purchases over $500 were exempt.

Why This Bill Matters

For years, the precious metals community has advocated for tax relief, arguing that precious metals are a legitimate form of currency. This bill supports that movement, shifting how gold, silver, and platinum are viewed by Florida lawmakers. The benefits of this bill include:

• Easier Access to Precious Metals: Floridians can now invest in precious metals without the burden of sales tax, no matter the transaction amount.
• Economic Boost: By eliminating this tax, Florida encourages more people to buy and sell tangible assets, potentially boosting the local economy.
• Alignment with Other Investments: This bill aligns precious metals with other untaxed investments, such as stocks, bonds, and currencies.

Impact on Goldbacks

As a hyperfractional form of gold, Goldbacks stand to greatly benefit from this legislation. With their low price point, Goldbacks offer an easy entry to gold, but this advantage isn’t as prominent in places where precious metals are taxed. With HB 7031, Floridians will be even more incentivized to purchase Goldbacks and protect their wealth. As more people adopt Goldbacks, they can circulate more easily, support local communities, and contribute to economic growth.

The Final Takeaway

Florida’s decision to eliminate sales taxes on precious metals reflects a commitment to sound money principles. By removing this barrier, the state not only makes precious metals more accessible but also encourages individuals to take control of their wealth. As other states observe Florida’s move, we hope it will inspire similar actions nationwide, fostering a broader return to sound money practices.